Mega ‘beach’ development in Joburg – here’s how much it costs to live there

·1 Nov 2022

Progress is steadily being made to one of Balwin’s most significant property projects, Munyaka, in Waterfall City.

Property group Balwin’s latest unaudited interim results for the six months ended 31 August 2022 revealed that construction of the Crystal Lagoon and lifestyle centre at the Munyaka development is set to be completed in December of this year – alongside 90 luxury apartments overlooking it.

Situated between Johannesburg and Pretoria, Muyaka aims to offer lifestyle apartments for various price brackets starting at around R1 million.

The whole project is expected to be completed by 2028, when all prospective residents will have access to the developed man-made beach and the 3-hectare Crystal Lagoon.

This lagoon is Balwin’s second clearwater lagoon after the Blyde in Tshwane East became the first development in South Africa to incorporate a clearwater lagoon built in a beach setting.

Balwin has an exclusivity agreement with Crystal Lagoons to develop these freshwater lagoons in strategic nodes in the future.

According to the latest report, Munyaka has recorded the highest number of apartments in revenue at 170. This is a continuation of strong demand for apartments in Waterfall City and follows the completion and handover of the final four apartments at neighbouring Kikuyu, said Balwin.

“Sustained demand was also recorded at Greenbay (Western Cape) and Greencreek (Tshwane East), supporting the continued demand for the Green Collection developments.”

Developments under construction, which include land value, infrastructure costs, development rights and development costs, increased by R527.1 million to R5.3 billion (February 2022: R4.8 billion).

“One of the key drivers behind this increase in developments under construction has been the continued investment at Munyaka, our flagship Classic Collection development in the Waterfall development node, with specific reference to the costs incurred on the Crystal Lagoon, the lifestyle centre and Lifestyle Centre apartments.”

The Classic Collection is Balwin’s core development model comprising four-storey, walk-up apartments, the property group added.

The apartments are targeted at the country’s growing middle-income market with prices ranging from R769,900 to R2,439,900 and offer secure, affordable, high quality and environmentally friendly developments with an emphasis on lifestyle offerings to residents.

Prices

Classic apartments: